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TEP Exchange Group

  • BY: Andrew Hore |
  • POSTED: 20/06/2012 |

Plans to pay a dividend have lifted the TEP Exchange Group share price by 27%.

TEP has to undergo a capital reduction in order to pay the dividend. It has promised an interim dividend of 0.03p a share. Last year, a subscription raised 90,000 at 0.02p a share. These investors were also issued 10 warrants exercisable at 0.002p a share for each share. One of the rules of the warrants is that they can only be exercised when 250,000 has been paid in dividends.

At 0.095p a share, TEP is valued at 810,000. There was 74,000 in the bank at the end of 2011, while the NAV was 23,000.

TEP developed an electronic platform for the trading of endowment policies. This has been licensed to 48.3% shareholder SL Investment Management Ltd. SL pays 230,000 per quarter for the right to develop the platform but it is considering terminating the licence agreement.

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